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Economy of Malaysia

Economy of Malaysia

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Published by: limshuling on Feb 19, 2011
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Economy of Malaysia:Agriculture - products:
Peninsular Malaysia - rubber, palm oil, cocoa, rice; Sabah -subsistence crops, coconuts, rice; rubber, timber; Sarawak -rubber, timber; pepper
Industries:
Peninsular Malaysia - rubber and oil palm processing andmanufacturing, light manufacturing, pharmaceuticals, medicaltechnology, electronics, tin mining and smelting, logging, timberprocessing; Sabah - logging, petroleum production; Sarawak -agriculture processing, petroleum production and refining,logging
Exports:
$192.8 billion (2010 est.)
country comparison to the world:
 25 $157.5 billion (2009 est.)
Exports - commodities:
electronic equipment, petroleum and liquefied natural gas, woodand wood products, palm oil, rubber, textiles, chemicals
Exports - partners:
Singapore 13.9%, China 12.2%, US 10.9%, Japan 9.8%, Thailand 5.4%, Hong Kong 5.2% (2009)
Imports:
$149.2 billion (2010 est.)
country comparison to the world:
 29 $117.3 billion (2009 est.)
Imports - commodities:
electronics, machinery, petroleum products, plastics, vehicles,iron and steel products, chemicals
Imports - partners:
China 13.9%, Japan 12.5%, US 11.2%, Singapore 11.1%, Thailand 6%, Indonesia 5.3% (2009)
 
Malaysia - Agriculture
 Agriculture remains an important sector of Malaysia's economy, contributing 12 percent to thenational GDP and providing employment for 16 percent of the population. The Britishestablished large-scale plantations and introduced new commercial crops (rubber in 1876, palmoil in 1917, and cocoa in the 1950s). The 3 main crops²rubber, palm oil, and cocoa²havedominated agricultural exports ever since, although the Malaysian share of the world'sproduction of these crops declined steadily during the last 2 decades. In addition to theseproducts, Malaysian farmers produce a number of fruits and vegetables for the domestic market,including bananas, coconuts, durian, pineapples, rice, rambutan (a red, oval fruit grown on atree of the same name in Southeast Asia), and others. The Malaysian tropical climate is very favorable for the production of various exotic fruits and vegetables, especially since PeninsularMalaysia seldom experiences hurricanes or droughts. As rice is a staple foodstuff in the everyday diet of Malaysians and is a symbol of traditionalMalay culture, the production of rice, which stood at 1.94 million metric tons in 1998, plays animportant part in the country's agriculture. However, the overall production of rice does notsatisfy the country's needs, and Malaysia imports rice from neighboring Thailand and Vietnam.In 1999, Malaysia produced 10.55 million metric tons of palm oil, remaining one of the world'slargest producers. Almost 85 percent or 8.8 million metric tons of this was exported tointernational market. Malaysia is one of the world's leading suppliers of rubber, producing767,000 metric tons of rubber in 1999. However, in the 1990s, large plantation companies beganto turn to the more profitable palm oil production. Malaysia also is the world's fourth-largestproducer of cocoa, producing 84,000 metric tons in 1999.Logging in the tropical rainforest is an important export revenue earner in East Malaysia and inthe northern states of Peninsular Malaysia. In 2000, Malaysia produced 21.94 million cubicmeters of sawed logs, earning RM1.7 billion (US$450 million) from exports. Malaysia sells moretropical logs and sawed tropical timber abroad than any other country, and is one of the biggestexporters of hardwood. Despite attempts at administrative control and strict requirementsregarding reforestation in the early 1990s, logging companies often damage the fragile tropicalenvironment. Sharp criticism from local and international environmentalist groups gradually led to bans on the direct export of timber from almost all states, except Sarawak and Sabah. InDecember 2000, the government and representatives of indigenous and environ-mentalistgroups agreed that there is a need to adopt standards set by the international ForestStewardship Council (FSC), which certifies that timber comes from well-managed forests andlogging companies have to be responsible for reforestation.
Economy of Malaysia 
 Petronas Towers Malaysia is a relativelyopenstate-oriented andnewly industrialised market economy.
[118][119]
The state plays a significant but declining role in guiding economicactivity through macroeconomic plans. In 2007, the economy of Malaysia was the 3rd
 
largest economy inSoutheast Asiaand29th largest economy in the worldbypurchasing power paritywith gross domestic product for 2008 of $222 billion,
[120]
with a growth rate of 5% to 7% since 2007.
[121]
In 2009,GDP per capita(PPP)of Malaysia stands at US$14,900.
[2]
In 2009, the nominal GDP was US$383.6billion, and the nominal per capital GDP was US$8,100.
[122]
In the 1970s, thepredominantly mining and agricultural-based Malaysian economy began a transitiontowards a more multi-sector economy. Since the 1980s the industrial sector has ledMalaysia's growth.
[123]
High levels of investment played a significant role in this.
[3]
TheMalaysian economy recovered from the1997 Asian Financial Crisissooner thanneighbouring countries, and has since recovered to the levels of the pre-crisis era witha GDP per capita of $14,800.
[124][125]
Inequalities exist between different ethnic groups,with a major issue being that the Chinese minority accounts for 70% of the country'smarket capitalization, even though it only makes up about one-third of it.
[126]
 Oil palmplantations make Malaysia one of the largest producers of palm oil in theworld
[127]
 International trade, facilitated by the adjacentStrait of Malaccashipping route andmanufacturing are both key sectors of the country's economy.
[128][129][130]
Malaysia is anexporter of natural and agricultural resources, the most valuable exported resourcebeing petroleum.
[3]
At one time, it was the largest producer of tin,
[131]
 rubberandpalm oilin the world. Manufacturing has a large influence in the country'seconomy,
[132]
although Malaysia·s economic structure has been moving away fromit.
[133]
In an effort to diversify the economy and make Malaysia·s economy lessdependent on exported goods, the government has pushed to increasetourism inMalaysia. As a result, tourism has become Malaysia·s third largest source of incomefrom foreign exchange, although it is threatened by the negative effects of the growingindustrial economy, with large amounts of air and water pollution along withdeforestation affecting tourism.
[134]
The country has developed itself into a centreof Islamic banking, and is the country with the highest numbers of female workers inIslamic banking.
[135]
Knowledge-based services are also expanding.
[133]
 [edit]
S
cience and technology
Sheikh Muszaphar Shukor, first Malaysian in spaceScience policies in Malaysia is regulated by the Ministry of Science, Technology, andInnovation. Other ministries, such as the Ministry of Agriculture and the Ministry of Health, also have science departments. The country is one of the world's largestexporters of semiconductor devices, electrical goods, and information andcommunication technology products.
[3]
In 2002, theMalaysian National SpaceAgency(Angkasa) was formed to deal with all of Malaysia's activities in space, and topromote space education and space experiments. In early 2006,Sheikh MuszapharShukorand three other finalists were selected for theAngkasawan spaceflightprogramme. This programme came about when Russia agreed to transport oneMalaysian to theInternational Space Stationas part of a multi-billion dollar purchaseof 18 Russian Sukhoi Su-30MKM fighter jets by theRoyal Malaysian Air Force.
[136]
 In an effort to create a self-reliant defensive ability and support national development,Malaysia privatised some of its military facilities in the 1970s.
[137]
This has created adefence industry, which in 1999 was brought under theMalaysia Defence IndustryCouncil. The government continues to try and promote this sector and its

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